The love/hate relationship that seems to be forming between the Commercial Real Estate industry and Marijuana may or may not be on your radar, but it is reality.
Fully legal in nine states, one inhabited territory, three native-American reservations, not to mention Washington D.C., it’s impact has been felt across multiple industries. Some cheer, others protest, but regardless, we in the commercial real estate industry need to be educated on the basic legalities as it has become commonplace for medical use and in some areas, recreationally acceptable as well. The federal law mandates that it be grown and manufactured in the state in which it is sold/consumed.
The demand and, in turn, the value for warehouse and industrial properties has significantly increased in affected regions. Climate controlled warehouses and distressed properties including former storage, data, and manufacturing are all being acquistioned and repurposed. Even the limping retail sector has been affected as in those states where retail sales have been sanctioned, as marijuana retail shops have breathed life into some of those long-time vacancies.
Here’s a run down of the basics for our region:
Pennsylvania: Medical Marijuana approved by Governor Wolf in April of 2016
Maryland: Decriminalized and Medical Use/Manufacturing/Distribution approved
Delaware: Decriminalized and Medical Use/Manufacturing/Distribution approved
New Jersey: Governor Jon Corzine signed Medical Marijuana law in January of 2010
There are concerns that this may be another real estate bubble that eventually pops. Even though concerns remain, this industry has sparked new property interest and investment pursuits that we in the industry cannot deny. Both Brokers and Property Owners alike seem to be riding the wave while they can. Time will tell as always.
This town that was originally granted to a a ship captain by William Penn himself. In 1762, Phineas Eachus and Chest Weaterson were given a license to construct a tavern in West Chester, PA. This former “no-name” tavern operated for almost 200 years as a tavern/hotel and served as a pseudo-stock exchange platform (on its front porch) for the local banks in the town, where the public could purchase in an auction format.
Known as the dining destination for the Brandywine Valley, West Chester has recently received new notariety as the fastest growing town in entire state of Pennsylvania. Why do newcomers flock to West Chester to do life?
- Historic Location
- Great Schools
- Low Crime Rate
- West Chester University
- Great Retail District
- Festivals/Events/Things to Do/Parks & Recreation
- Haute Restaurant Hub
There is a merger expected to join West Grove and New Garden police departments in January 2017. It is said that this is in an effort to economize the police department to scale, so that they can improve and enhance their services to the local communities. At this point, New Garden is said to be bearing the brunt of the costs at a liability of 80% while West Grove, a smaller municipality will be responsible for 20% of the costs. It is the hope that a “larger operation” would stabilize coverage and improve investigations. There is talk of a new facility as well, but no concrete detail on that as of yet. Read more via the link provided below.
Source: Regional police department gets township approval | Chester County Press
Here are some great ways to participate in the MLK Day of Service events in the Greater Philadelphia area:
African American Museum of Philadelphia – Dr. Martin Luther King Jr. Sharing the Heritage Celebration and Date of Service – 11 AM – 5 PM at 7th and Arch
MLK Social Action Day Concert – The Chester Children’s Chorus – 1 PM – Congregation Ohev Shalom, 2 Chester Rd, Wallingford, PA
Macy’s Family Days at the National Constitution Center – Celebrates Martin Luther King, Jr. Day from 9:30 AM – 5 PM only $5 admission fee today
Health and Wellness Fair at Girard College 8 AM – 2101 S. College Avenue, Philadelphia, PA
Jobs and Opportunity Fair – 9 AM till 1 PM inside Hum Bldg at Girard College
MLK Tribute Concert in the Girard College Chapel – 1:30 PM – Free admission but tickets are required (215) 893-1999
US Forest Service recreation sites are waiving their fees today in honor of Martin Luther King Jr. Day
As the housing market slowly attempts to turn the corner, the rental demand remains high for our particular region. Some areas report up to 20% increases in rental inventory. New construction is playing a large part in those numbers. Does this mean that the financial institutions are loosening up the purse strings for development loans? Possibly. In 2011, there was a 60% increase in Multi-Family Development Lending as compared to the previous year on a national level. The Census Bureau reported one outstanding statistic that 53% of the total number of renter households faced a housing cost burden last year. Unemployment remains high. Affordable housing is a treasure anxiously sought after. Rental rates remain high even paired alongside of the housing market slight improvements. Right now as it stands, renters make up approximately 22.64% of the Chester County, PA, population. 4.97% of houses and apartments in Chester County, PA, are unoccupied (vacancy rate).